MANILA - Filinvest Land Inc. (FLI) said Thursday its wholly-owned subsidiary Cyberzone Properties Inc. (CPI) will be turned into a real estate investment trust (REIT) to list at the stock exchange.
FLI disclosed to the exchange that CPI will hold two office leasing properties of the group namely, Northgate Cyberzone in Filinvest City, Alabang, and Filinvest Cyberzone Cebu in Cebu City.
“We are looking forward to listing CPI as a REIT company because we believe that this will unlock the value of our office leasing business. Filinvest has a growing portfolio of recurring income projects and significant prime office properties in Alabang, Cebu and Clark to continue to grow this business. A REIT listing will enable acceleration of the growth of this business line,” FLI President and CEO Josephine Gotianun-Yap said.
Filinvest said CPI's office rental revenues still rose 16 percent to P2.46 billion from January to September period last year, driven by leases from multinational business process outsourcing (BPO) companies despite the impacts of the pandemic.
Its 18.7-hectare Northgate Cyberzone is a PEZA-registered business park, catering primarily to BPO companies while Filinvest Cyberzone Cebu is a 1.2-hectare mixed-use commercial complex composed of office towers, a common retail and parking podium.
Currently, Filinvest has 43 existing office towers. With other buildings under construction, the company has over 824,000 square meters of gross leasable area.
AREIT is the first listed REIT in the Philippines. Four REITs are seen to debut this year which include DoubleDragon's DD Meridian Park, and Robinsons Land's 25 office buildings.